Limited Liability Company(LLC) is a combination of sole proprietorship, corporation, and partnership. The members of the organization file taxes listing the profits and losses of the business on the personal tax return. By processing your LLC Filing, your businesses can tax themselves like a corporation. Besides, you can also start an LLC as an individual owner. Neither LLCs have annual business requirements nor they have shareholders and you can also convert your company to LLC in the future.
The owners of a limited liability company are called members and most states do not restrict ownership. Therefore, members may include individuals, corporations, and most states also permit only one owner.
Many trucking companies and truck owners choose to register as a limited liability company because it helps to separate their business assets from their personal property. It is also very easy to manage than a corporation especially if the business is small.
HOW GLOBAL MULTI SERVICES HELP YOU
Registering your business is the first step to take if you want to operate as a commercial motor carrier. Global Multi Services will take care of all your paperwork and registration process. Our team will help you get what you need to start your trucking company and ensure it is set up for success.
HOW TO FILE LIMITED LIABILITY COMPANY
Limited liability company filing requires obtaining your business articles of organization, a document that entails important information about your business. These documents must be prepared and submitted to the Secretary of State when the business is established.
The company must also have a distinctive name and proper corporate indicator on the record of the Secretary of State. Once the article of formation is filed and accepted, the state will stamp the document with a stamp with the filing date. They can also provide other proof of filing to the filer. This process can take weeks or days depending on the state.
BENEFITS OF LLC FOR TRUCKING COMPANY
- Allows you to run your company without a strong structure
- It protects members against losses and lawsuits.
- Limited liability company does not risk member’s personal assets to pay for settlement after an accident or other problem.
- The members of a limited liability company do not use their assets to pay for huge company damages in a settlement.